Nationally, the good real estate news is that sales of existing homes rose 7% this past July from July of last year. And even in Greenwich, we at least held our ground: 40 Contracts in July 2009, versus 39 in July 2008 and 40 July 2007. Before you pop that cork on the bottle of Cold Duck you’ve been holding in your otherwise-depleted wine cellar, though, consider whether we’re seeing purchases merely delayed from the traditional springtime market or whether it’s a true recovery. For the year through July, we’ve sold 175 houses, compared to 281 in 2008 and 419 in 2007. The true test, I believe, won’t come until September and October. If sales in those months come back to 2007 levels, we can breath easy. My guess is they won’t unless Greenwich home sellers do what sellers in the rest of the country have already done: cut their prices. What we’re seeing nationally is foreclosed homes and short sales and in Greenwich, the houses that are selling are, for the most part, restricted to those that have slashed their prices. I don’t see enough price cutting going on to give me confidence in the continued vitality of our market so either that will happen, or sales will stagnate again or, as is entirely possible, I’m wrong again, and buyers will go back to paying 2007 prices for houses. I don’t think that’s likely.